Hi All,
Lots of life has happened since last I posted. Now that all the dust has settled with getting married, renting out the SO property, and combining incomes and expenses, figured it was worth taking the updated budget and spreadsheet to the MMM community for insight. Anything that jumps out? Currently no kids but planning on having in next year or two but trying to stay financially responsible before we have them.
Me: 30
DW: 28
Life Situation:
IRS Filing Status: Married
Dependents: 0
Location: San Diego, CA
Gross Salary 1: $113,000 or $9,428/month
OT: Anywhere from $0-10K depending on how much I travel
Bonus: Anywhere from $0-$6k depending on how company does
Pre-Tax Deductions:
Company 401K: $1,584/month. Company adds $3200/yr
HSA: Company doesn't offer
FSA: 600/yr
Insurance: $80 /month
Gross Salary 2: $4475/month or $53,700/yr
OT/Bonus: None
Pre-Tax Deductions:
Company 403b: $1,584/mth
Pension: $550/mth
Adjusted Gross Income:
$11,521/month
Other Ordinary Income:
None
Qualified Dividends & Long Term Capital Gains:
None
Rental Income, Actual Expenses, and Depreciation:
Rental Income: $1850/mth or $22,200/yr
Rental Expenses: $5000/yr (HOA Fees + Prop Mgmt+ $200 for misc per year). Have only had this for a few months so far and expecting this to go up.
Post-Tax Deductions:
Roth IRA (Me): $6000/yr
Roth IRA (DW): $6000/yr
Monthly Average Expenses (These are averaged over time. Took my MINT budget results for the last 6 months.)
Mortgage $1,070
Rent $0
HOA $405
Property Tax $250
Mortgage Insurance $0
Home/Rent Insurance $37
Beauty Shop $0
Bicycle Maintenance $0
Cable TV $0
Car Insurance $145
Car Maintenance, Registration, etc. $33
Charitable contributions $990
Child activities $0
Childcare $0
Christmas/Holidays $25
Clothing/Shoes $30
College "Qualified Educational Expense" $0
Computer (paper/software/etc.) $0
Credit card fees $0
Dental Insurance (if not paid pre-tax) $0
Dentist $0
Dining (Lunch/Dinner/Etc.) $162
Gifts (not charitable contributions) $25
Dry Cleaning $0
Electricity $40
Emergency Fund
Entertainment $14
Financial Fees $0
Fuel/Public Transport $101
Gas/Oil for heating $20
Groceries $256
Hair Care $20
Home Alarm System $0
Household; Maintenance $50
Internet $44
Landscaping/Yard work $0
Life/LTD Insurance $0
Medical (Doctor, Hospital, etc.) $50
Medical Insurance (Enrollment Premium if ACA) $0
Advance Premium Tax Credit (use negative) $0
Medicine (OTC + Prescription) $10
Miscellaneous $250
Pets $0
Phone (cell) $100
Phone (landline) $0
Recycling/Trash $0
School (non-college) $0
Sports/Recreation $0
Subscriptions (paper/magazines/etc.) $0
Travel/Vacation $50
Umbrella Insurance $0
Water/Sewer $0
Wine/Beer/Tobacco $87
Work/Professional fees $0
Non-mortgage total $3,194
Assets:
Primary Residence valued at $400,000 (Zillow estimate)
Rental Residence valued at $320,000 (Zillow Estimate)
401K: $142,000
403b: $12,000
Vanguard Taxable Account: $33,000 (100% VTSAX)
Roth IRA: $17,000
Cash on Hand/Emergency Fund: $38,000 (I know this is really really high relative to others). My job has us purchase travel with personal credit card and then reimburse us - but it's not uncommon to have $5-10k expense waiting to be reimbursed.
Total Assets: $980,000
Liabilities:
Mortgage: $195,320 remaining on a $231,000 mortgage. Rate is 3.75%. PITI is 1069/mth. I had been aggressively paying this off initially - now I've switched to investing extra into taxable rather than paying off principle.
Rental Mortgage: $214,420 remaining on a $225,850 mortgage. Rate is 3.75%. PITI is 1045/mth.
Credit Card Debt: $0-$5k on a given month (Always Paid In Full)
Student Loan Debt: $0 (State College with a Full Ride)
Auto Loan 1 Debt: $0 (Used car paid in cash)
Auto Loan 2 Debt: $12,939 remaining (7 years @ 2.69 for a $15k 2014 Toyota Camry). PITI is $210/mth
Total Liabilities: $429,105
Total Net Worth: $551,000